The Northern Trust Company recently received a Bank Enterprise Award (BEA) Award from the U.S. Department of the Treasury CDFI Fund. This award acknowledges Northern Trust's commitment to low-income and distressed communities.
Northern Trust and Florida Community Loan Fund have been partners for over a decade, providing both operating support grants and capital investments. With the confidence shown in FCLF by Northern Trust and our many other supporters, we are able to improve lives and transform communities in Florida.
Here is an excerpt from the CDFI Fund press release:
Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced awards totaling nearly $18 million to 59 FDIC-insured depository institutions for serving economically distressed communities across the nation. The awards are being made through the fiscal year (FY) 2012 round of the Bank Enterprise Award Program (BEA Program). The activities that qualify these institutions for BEA Program awards occur in census tracts where at least 30 percent of the population lives at or below the national poverty level and where the unemployment rate is 1.5 times above the national average.
“The BEA Program is a strategic tool for community-focused institutions as they partner with private and public interests in search of the best solutions for the neighborhoods they serve,” said CDFI Fund Director Donna J. Gambrell. “The awards the CDFI Fund provides today will be reinvested in low-income and distressed communities, supporting new jobs, stronger small businesses, and more financial education and banking services for neighborhoods across the country.”
About the BEA Program. The BEA Program awards FDIC-insured depository institutions for making investments in the most distressed communities throughout the nation. The awards also help banks and thrifts offset some of their risk and meet capital ratio requirements. The BEA Program is multiplying financial institutions’ impacts and generating greater economic opportunity for those with the least access to financial products and services.